United States Steel Corp. stated Sunday that it declined a $7.3 billion buyout proposition from competitor Cleveland Cliffs and was examining “strategic options” after getting numerous unsolicited provides
ByALEXANDRA OLSON AP Business Writer
FILE – A water tower at United States Steel Corp.’s Edgar Thomson Plant in Braddock, Pa., is seen, Thursday, May 7,2020 On Sunday, Aug. 13, 2023, U.S. Steel stated that it declined a $7.3 billion buyout proposition from competitor Cleveland Cliffs and was examining “strategic options” after getting anumberof unsolicited deals. (AP Photo/Gene J. Puskar, File)
The Associated Press
NEW YORK — United States Steel Corp. stated Sunday that it turneddown a $7.3 billion buyout proposition from competitor Cleveland Cliffs and was evaluating “strategic options” after getting numerous unsolicited deals.
Pittsburgh-based U.S. Steel stated it declined the deal since Cleveland-Cliffs was pressing it to accept the terms without being permitted to conduct appropriate due diligence.
“At this point, we cannot identify whether your unsolicited proposition effectively shows the complete and reasonable worth of the Company. For all of the above factors, the Board has no option however to decline your unreasonable proposition,” U.S. Steel CEO Ddevoted Burritt stated in a letter, launched Sunday, to Cleveland Cliffs CEO Lourenco Goncalves.
Cleveland-Cliffs revealed earlier Sunday that it had made an deal valuing the U.S. Steel at $7.3 billion, based on $17.50 a share in money and 1.023 shares of Cliffs stock. Cleveland-Cliffs stated the worth of the deal was $35 a share, a premium ove